UK-based WorldFirst has recently launched the World Account especially for online sellers. While this account is currently available only in the UK, this is set to change by the end of the year. This review of the WorldFirst World Account, along with the accompanying infographic, gives you all the information that is currently out there. (Scroll down for WorldFirst World Account Infographic)
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Virtual Receiving Bank Accounts
The World Account is basically a multi-currency account that gives you access to receiving accounts in different currencies. The regions in which WorldFirst can open receiving accounts in include:
- The UK (GBP)
- The U.S. (USD)
- Europe (EUR)
- Canada (CAD)
- China (CNY)
- Japan (JPY)
- Australia (AUD)
- New Zealand (NZD)
- Hong Kong (HKD)
- Singapore (SGD)
With receiving accounts in these countries, you can do business like a local, because it is akin to actually having a bank account in the country in question. Here are some key features of the WorldFirst World Account:
- Online sellers may open this account for free
- Hold funds in multiple currencies
- Receive payments and pay suppliers in local currencies
- Get competitive rates and benefit through no hidden fees
- Receive payments from anyone, not just marketplaces or payment gateways
- No fees for online sellers transferring funds back to domestic accounts
- Nominal fees for transfers to your home account
Who Can Use This Multi-Currency Account?
Online sellers are not the only ones who may benefit by the foreign currency exchange system that the World Account has in place.
- Amazon Associates. Amazon Associates members from the company’s U.S. and UK stores may benefit by using the World Account to receive payments in local currencies.
- Import/Export. When making or receiving foreign currency payments, businesses that deal in import / export may use receiving accounts in local currencies to facilitate cross-border transactions.
- International Service Providers. If you provide a service in the countries where the World Account can open receiving accounts, you give your clients an easy and cost-effective way to pay you by offering them details of a local bank account. This way, they can avoid transfer fees and you get to avoid currency conversion fees.
Integration with Xero
Integrating the World Account with Xero is easy and does not cost extra. You get to choose the specific currency accounts you wish to integrate, and you get real-time daily feeds of your transactions to Xero.
Customers may use Xero to send invoices, create expense claims, as well as reconcile payments. When receiving funds into or making payments from matching currency accounts, you don’t have to pay any currency conversion fees. For example, you may receive EUR payments into your EUR denominated account and use the same funds to make outward EUR payments – with no currency conversion taking place.
The infographic that follows takes this WorldFirst World Account review forward, explaining how you may benefit by registering.
Sign up for the WorldFirst World Account to get suitable foreign currency exchange solutions. By the looks of what’s on offer, money exchange in the UK just got better, and the rest of the world might not have to wait for long.
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